Philippines: Neobank Tonik Acquires TendoPay, Enters Employee Benefits Market

Tonik Financial Pte. Ltd., the parent company of Tonik Digital Bank, Inc. in the Philippines, has entered into a landmark agreement with Tendo Payment Solutions Pte. Ltd. in order “to acquire its Philippine business, operating under the brand name ‘TendoPay’.”

This deal, which is “subject to approval of relevant government authorities, is set to further cement Tonik’s leading position in digital credit inclusion in the Philippines.”

Through the strategic acquisition of TendoPay, Tonik has now “augmented its core lending portfolio while integrating payroll-enabled financial services into its operations.”

Tonik Founder and CEO Greg Krasnov said:

“Tonik’s acquisition of TendoPay is a testament of our passion for accelerating financial and credit inclusion in the Philippines. By delivering mass-market digital credit products that are accessible, affordable, and easy-to-use, Tonik will expand the ways in which it helps Filipinos manage their financial future.”

Launched in 2019, TendoPay has “established itself as the leading one-stop shop for employees’ financial wellness needs.” It has partnered “with over 200 companies and has developed a channel network covering over 500 brands and e-commerce sites.”

Payroll-enabled financial services are “a rapidly growing credit mechanism globally, though still relatively new in the Philippines.” Payroll connectivity “enables accessible and multi-use credit to salaried workers through partner companies, which helps in increasing employee engagement and retention.”

TendoPay offers “a broad digital suite of financial services such as its 0% interest purchasing loan, emergency cash loan, personal finance management tool, virtual card, prepaid health insurance cards, and a rewards program.”

Tendo CEO Kacper Marcinkowski remarked:

“We at Tendo share Tonik’s commitment in driving financial inclusion since its trailblazing start in 2020. We are confident that this partnership will not only be mutually beneficial for both companies, but also in creating further value for Filipinos and their perspective towards financial services.” 

As noted in the update, Tonik claims it is “the first digital-only neobank in the Philippines, providing loan, deposit, and payment products to consumers on a highly secure digital banking platform. ”

The neobank “operates on the basis of the first digital bank license issued by the Bangko Sentral ng Pilipinas (BSP).”

Tonik is “led by a team of retail finance veterans who have previously built and scaled multiple retail banks and fintechs across global emerging markets.”

It is reportedly “backed by top international investors, including Sequoia India, Point72 Ventures, and Mizuho Bank.”

Tonik’s tech stack is integrated in partnership with banktech vendors “including Mastercard, Finastra, Amazon Web Services, Google, Genesys and Daon. ”

Tonik operates “out of hubs in Singapore (HQ), Manila, and Chennai.”

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